Core Differences Between AMLD5 & AMLD6: Understand AMLD in 3 Mins

Introducing VASPs - Virtual Asset Service Providers

The fifth and sixth Anti-Money Laundering Directives (AMLD5 and AMLD6) are European Union (EU) regulations that aim to combat money laundering and terrorist financing. AMLD5 was adopted in 2018 and AMLD6 was adopted in 2020.

The main difference between AMLD5 and AMLD6 is that AMLD6 introduces new requirements for virtual asset service providers (VASPs). VASPs are companies that provide services related to cryptocurrencies and other virtual assets.

Other key differences between AMLD5 and AMLD6 include:

• AMLD6 requires financial institutions to conduct enhanced due diligence on high-risk customers.
• AMLD6 requires financial institutions to report suspicious transactions to the authorities more quickly.
• AMLD6 requires financial institutions to keep records of customer transactions for a longer period of time.

AMLD and The Use of KYC providers

Togggle is a software company that provides automated KYC and AML solutions. Togggle's solutions help financial institutions comply with AMLD5 and AMLD6.

Togggle's automated KYC solution helps financial institutions verify the identity of their customers. Togggle's automated AML solution helps financial institutions detect and prevent money laundering and terrorist financing.

Togggle's solutions are easy to use and can be integrated with existing financial systems. Togggle's solutions are also affordable and can be used by financial institutions of all sizes.

If you are a financial institution, you need to comply with AMLD5 and AMLD6. Togggle can help you comply with these regulations. Togggle's solutions are easy to use, affordable, and can be integrated with existing financial systems.

KYC and Perpetual KYC / AML

Togggle's automated KYC and AML solutions help financial institutions comply with AMLD5 and AMLD6. Togggle's solutions use artificial intelligence and machine learning to verify the identity of customers and detect suspicious transactions.

Togggle's automated KYC solution helps financial institutions verify the identity of their customers in a fraction of the time it takes to do it manually. Togggle's automated AML solution helps financial institutions detect and prevent money laundering and terrorist financing in real time.

Togggle's solutions are easy to use and can be integrated with existing financial systems. Togggle's solutions are also affordable and can be used by financial institutions of all sizes.

Togggle's automated KYC and AML solutions also use digital footprint analysis to verify the identity of customers and detect suspicious transactions. Digital footprint analysis is the process of collecting and analysing data from the internet to create a profile of an individual.

Togggle's digital footprint analysis uses a variety of data sources, including social media profiles, public records, and online activity. Togggle's digital footprint analysis can help financial institutions verify the identity of customers and detect suspicious transactions that may otherwise go unnoticed.

The Introduction of 1-Click KYC & automated AML Solutions

Togggle's 1-Click AML Check is a simple and easy way for financial institutions to verify the identity of their customers and detect suspicious transactions. Togggle's 1-Click AML Check uses a variety of data sources, including customer information, transaction data, and digital footprint analysis to create a risk profile for each transaction.

Togggle's 1-Click AML Check can help financial institutions identify and mitigate risk in real time and so is a valuable tool for these institutions that are looking to comply with AMLD5 and AMLD6.

AMLD5 and AMLD6 are important regulations that aim to combat money laundering and terrorist financing. Togggle provides automated KYC and AML solutions that can help financial institutions comply with these regulations. Togggle's solutions are easy to use, affordable, and can be integrated with existing financial systems.